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Q4 profits drop at Sears Canada

24
Feb '12
Sears Canada Inc announced its unaudited fourth quarter and full-year results. Total revenues for the 13-week period ended January 28, 2012 were $1.366 billion versus $1.459 billion for the comparable 13-week period ended January 29, 2011, a decrease of 6.4%. Same store sales decreased 7.4%.

Operating EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) for the same 13-week period was $98.5 million versus $132.6 million last year. Net earnings for the quarter this year were $38.7 million or 36 cents per share versus $82.7 million or 77 cents per share in the quarter of the prior year.

Total revenues for the 52-week period ended January 28, 2012 were $4.619 billion versus $4.939 billion for the 52-week period ended January 29, 2011, a decrease of 6.5%. Same store sales decreased 7.5%. Operating EBITDA for the same 52-week period was $110.8 million versus $293.3 million last year.

Net losses for the year ending January 28, 2012 were $60.1 million or 58 cents per share versus net earnings of $115.2 million or $1.07 per share for the year ending January 29, 2011. Cash flow generated from operating activities for the year ending January 28, 2012 was $85.0 million versus $71.3 million last year, an increase of 19.2%.

Commenting on the quarter and full year performance, Calvin McDonald, President and Chief Executive Officer, Sears Canada Inc., said, "While we are disappointed with our performance for 2011, including the fourth quarter, we believe we have begun to stabilize the business and create a foundation for returning the business to historical performance levels. Because of our actions to reduce unproductive inventory, we had higher cash flow in 2011 than the prior year, and enter 2012 with a much cleaner inventory position.

"The senior leadership team and all of our associates are focused on the transformation initiatives which we have undertaken. Our plan for the coming year involves the implementation of initiatives to show Sears customers that we genuinely want to make Sears a place where they can find exceptional service coupled with affordable products and services that meet their needs in a way no other retailer can provide.

For example, last week we introduced to customers nationwide that we had lowered prices on a significant portion of our merchandise in stores and online to provide outstanding value to customers on a more consistent basis, day-in and day-out.

"As we turn the page on 2011, I would like to acknowledge the hard work of the more than 30,000 associates that comprise Sears Canada and thank them for their ongoing commitment to making our Company successful. I look forward to working through our transformation with this team of dedicated associates who serve and support our customers from coast to coast."

Sears Canada Inc


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